(Reuters) -Authentication software firm Ping Identity said on Wednesday it would bought by technology-focused investment firm Thoma Bravo for $2.4 billion.
Thoma Bravo will offer $28.50 for each share of Ping Identity, representing a premium of 63% to the company’s last closing price. The offer has an equity value of $2.4 billion, according to a Reuters calculation.
Thoma Bravo, which has more than $103 billion in assets under management, has recently made a number of acquisitions in the cybersecurity space after the pandemic drove up demand for the sector.
Shares of Ping ID, which offers identity solutions and services to prevent fraud and protect passwords, surged 59% in trading before the opening bell.
The enterprise value of the deal is $2.8 billion.
(Reporting by Nivedita Balu and Akash Sriram in Bengaluru; Editing by Aditya Soni)
